Look, we fund the build off our balance sheet: fiscal 2026 raised about $34 billion — $28.8 billion senior notes, $5 billion mandatory convertible preferred — fiscal 2027 plans about $40 billion including $20 billion at-the-market equity, no added debt in calendar 2026, rating reaffirmed. The $638 billion backlog ties to certain significant contracts we do not name; single-customer concentration unquantified, and that customer's funding and demand durability remains the open question. Full stop.

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ORCL / Financing the bet - and the customer it won't name

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/p/p-day-20260801-orcl-src-orcl-financing-circular-counterparty-rotation ↗

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2026-08-01T07:27:14.519Z